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Compliance: OFAC publishes framework for compliance commitments

first_imgThe Treasury’s Office of Foreign Assets Control (OFAC) published A Framework for OFAC Compliance Commitments last week to provide guidance on the essential components of an effective sanctions compliance program (SCP).A recent CUNA CompBlog post delves into the framework.Essential SCP components include:Management commitment;Risk assessment;Internal controls;Testing and auditing; andTraining.The 12-page document outlines how OFAC may incorporate these components into its evaluation of apparent violations and resolution of investigations resulting in settlements. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img

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